Invented around 1900 years ago, paper did not reach its full potential until Johannes Gutenberg built the first printing press. With the ability to print and share knowledge, it had a massive impact on the development of our civilisation. Today, paper no longer plays a significant role in our daily lives. News is consumed over the phone, books are read on a Kindle and contracts are signed online. The world has become (almost) paperless!
It's time your firm does the same.
1. Environmental impact
Paper is not just inefficient. It also is bad for the environment, and in days of extreme weather disasters and growing regulation, it is even more important to switch to a digital fund operation software. One piece of paper produces 4,74g of CO2 (Source). All paper produced is making up “2%” of global emissions each year (Source). This means, printing 1000 pages is as environmental taxing as taking a 50 km road trip.
2. Less manual task
Digitalising the investor onboarding and fund subscription process saves law firms significant time and resources that can be better spent on other tasks. Less manual work, such as data entry and document preparation, can be automated, allowing lawyers to focus on more complex legal work.
3. Globally and 24/7 available
Lawyers and clients can access documents from anywhere, at any time. This increases efficiency and enables faster decision making. With the growing need to offer flexible remote working policies, global accessibility is also better for employee satisfaction.
One of the misconceptions about paper is that it is more secure than digital alternatives. But with the increasing use of the cloud, all your important documents are stored on secure servers. And with active 2-factor authentication and additional security measures, they are safe from cyber criminals.
5. Integrated workflows with a user-friendly dashboard
Digitisation also enables integrated workflows and a user-friendly dashboard, making it easier for lawyers to manage documents and collaborate with colleagues and clients.
6. Possibility of automating workflows
By automating workflows, law firms can reduce the risk of errors and increase efficiency. This not only saves time and money, but also improves the overall client experience.
The benefits of going digital are too numerous to ignore. By embracing a paperless future, law firms can save time and resources, improve access, stay secure, and enhance client experience and satisfaction. There's never been a better time to go paperless.
5 quick tips for a successful transition:
Vestlane allows you to invite investors to your client's fund. Once registered, the new LP receives his intelligent KYC and AML questionnaires. Built with conditional logic, the investor only needs to answer the questions that are relevant to him. If he is already registered with Vestlane, he can re-use his investor data from his previous investments.
Once the data is collected, you can track your client's fundraising progress and always know where each LP is in the process. With our fully digital subscription workflow, you can create and share subscription documents within the Vestlane platform, send reminders and even collect the final signature via our integrated eSignature feature.
Work within your single source of truth, automate your workflows, collaborate with your client and go paperless – with Vestlane!
If you want to know more about Vestlane, learn more here!